I just recently figured out the logic of sats

1. Starting from May, large institutions began to be optimistic about the BTC ecosystem, but the cost has been very high, which is sufficient for the overall large capacity to undertake it.

2. Ordi took over funds in a bloodbath from May to October, and big institutions went crazy with mint positions from Sats from May to October.

3. The washed ordi is suitable for large funds to be invested directly. The sats that have established a position may not be able to be washed? At least it doesn't look like it will be such a bloodbath for now.

4. An important new thinking is what can handle large-scale short-term funds, such as sats and cook

5. For new technology-based protocols, the upper limit is also set on technology. For example, atom, its most important hurdle is AVM. If AVM is successfully realized, the future will be smooth sailing. If it cannot be realized, its valuation space will be stuck.